NEW YORK, March 13 /PRNewswire-FirstCall/ -- The Boards of Directors (the "Directors") of ACM Managed Dollar Income Fund, Inc. ("Managed Dollar" - NYSE: ADF) and AllianceBernstein Global High Income Fund, Inc. ("Global High Income" - NYSE: AWF) have announced today a proposed acquisition of the assets, and the assumption of the liabilities, of Managed Dollar by Global High Income (the "Acquisition"). The Acquisition is subject to approval by stockholders of Managed Dollar. A Special Meeting of Stockholders of Managed Dollar is scheduled to be held on Thursday, July 30, 2009. The close of business on June 8, 2009 has been fixed as the record date for the Special Meeting of Stockholders. If approved by stockholders, the Acquisition is expected to take place in the third quarter of this year.
Managed Dollar has a policy to conduct an annual tender offer in the second quarter of each year if its shares trade at a 3% discount during a specified measuring period. The previously announced measuring period ends on Friday, May 1, 2009. If the Fund's average discount during the measuring period results in the need for the Fund to conduct a tender offer, as is likely, the tender offer will be conducted in the second quarter of this year prior to the proxy solicitation seeking stockholder approval of the Acquisition.
The Directors also approved a change to a non-fundamental policy to restrict its investments to U.S. Dollar-denominated fixed-income securities that will only become effective if the stockholders of Managed Dollar approve the Acquisition. Under the new policy, Managed Dollar would be permitted to invest in non-U.S. Dollar-denominated fixed-income securities. This change would allow realignment of Managed Dollar's portfolio prior to the consummation of the Acquisition.
Managed Dollar and Global High Income are non-diversified, closed-end U.S. registered management investment companies. Both Funds are advised by AllianceBernstein L.P. As of March 12, 2009, the total net assets of Managed Dollar and Global High Income were $106,853,143 and $690,841,736, respectively.
